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For a class of aggregative optimal growth models, which allow for a non-convex and non-differentiable production technology, this paper examines whether the set of utilitarian maximal programs coincides with the set of weakly maximal programs. It identifies a condition, called the...
Persistent link: https://www.econbiz.de/10010292060
The paper examines the problem of aggregating infinite utility streams with a social welfare function which respects the Anonymity and Weak Pareto Axioms. It provides a complete characterization of domains (of the one period utilities) on which such an aggregation is possible. A social welfare...
Persistent link: https://www.econbiz.de/10010292058
This paper investigates the nature of paths in the standard neoclassical aggregative model of economic growth that are maximal according to the Suppes-Sen grading principle. This is accomplished by relating such paths to paths which are utilitarian maximal when an increasing (but not necessarily...
Persistent link: https://www.econbiz.de/10010292068